Will strike if VAT refund not released, traders tell Manpreet
Friday, 09/03/2018
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LUDHIANA: Federation of Industrial and Commercial Organisation (FICO) president Gurmeet Singh Kular asked the state finance minister Manpreet Singh Badal to release the Value Added Tax (VAT) and the Goods and Services Tax (GST) refunds of the exporters. He raised the issue with Badal during a meeting on Thursday.
The tax returns of the traders have been stuck with the government since the GST was implemented in July last year. “Refunds running in crores of rupees are lying pending with the state and Union government. The government assist the industry ahead of the elections but soon after the polls we are forgotten,” said Kulhar.
He added that the industries would be forced to go on a strike if the tax returns are released.
“Almost all the capital is withheld with the governments. Especially, in case of the exporters, 100% GST refund is stuck with the government and the traders are paying huge interest to banks,” said Gurmeet.
Badal assured that he would call a meeting with the excise department in the city after the budget session of the Punjab assembly to dispense the refunds immediately.
